F1 Team McLaren Generated €28M Profit In '11, With Revenue Increasing By 16%
F1 team McLaren "has released its financial numbers for the '11 fiscal year in which it generated a profit before taxes of €28M," according to Sylt & Reid of MOTORSPORT TOTAL. McLaren "was also able to increase its revenue by 16% to €212M." The reason for this increase was "on one hand a bigger share of F1's marketing revenue, and on the other hand a higher payment from title sponsor Vodafone." The telecom company transferred around €57.5M to the England-based team in '11, which is 15% more than the previous year. The team's profit went almost completely (€25M) into the coffers of the McLaren Group, in which Founder Ron Dennis and Bahrain-based holding company Mumtalakat each own 50%. The expenditures of the team also increased by 11.2% to about €184M in '11. In addition, German automotive company Daimler sold the last 16% of its once 40% stake in the company in '11. It sold its last shares for about €37M to the McLaren Group. However, through its sponsorship deal with the team and as the team's engine provider, Daimler "still invested around €47M in the team in '11" (MOTORSPORT TOTAL, 12/3).